Top Stocks to Watch On October 16: Cochin Shipyard, G R Infraprojects, PNC Infratech, IndiGo, KEI Industries, ONGC

Top Stocks to Watch On October 16

Top Stocks to Watch On October 16: The Indian Stock market began the day in negative, NSE Nifty 50 was trading low by 0.15% at 25,017 levels while BSE Sensex was trading at 81,685 levels, down by 0.17% at 9:22 a.m.

On Wednesday, there are some stocks to watch today which are expected to perform well today. These stocks in focus are Cochin Shipyard, G R Infraprojects, PNC Infratech, IndiGo, KEI Industries, and ONGC.

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Cochin Shipyard

The government-owned shipbuilding & repair yard company reported that it plans to sell a 5% stake in a state-owned shipyard via an Offer for Sale (OFS). The floor price of this detail is set at Rs 1,540 per share.

The OFS has a base offer of 2.5% and also an extra 2.5% available under the green shoe option. The issue is expected to open on October 16 for non-retail investors and on October 17 for retail investors.

G R Infraprojects

Infrastructure company reported that the Maharashtra State Road Development Corporation Ltd (MSRDC) has given them a Letter of Acceptance (LOA) for the development of an access-controlled segment of the Pune Ring Road in Maharashtra.

The project costs Rs 1,885.63 crore and covers around a 9.341-km stretch from village Kalyan/Rathwade to village Shivare/Kusgaon in Pune district.

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PNC Infratech

PNC Infratech reported that it has received Letters of Acceptance for the development of two major Engineering, Procurement, and Construction (EPC) road projects from the Maharashtra State Road Development Corporation (MSRDC).

Indigo

The Indian low-cost airline company reported that market regulator Sebi has given its approval to IndiGo Ventures to begin a venture capital fund. This fund is expected to start investments by the end of this fiscal year.

It has received approval from the Securities and Exchange Board of India (SEBI) to operate as an Alternative Investment Fund.

KEI Industries

The company reported that its net profit went up by 11% year-on-year in the September quarter (Q2) this year, not performing up to analysts expectations.

The company revenue also went up by 17% to Rs 2,280 crore from ₹1,945 crore in a year ago period.

ONGC

The global energy holding company reported that it has increased its shareholding in ONGC Petro Additions Limited (OPaL), to 94.04% from 91.16%.

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